Stiles Expanding Third-Party Leasing, Property Management Business
Deerfield Beach, FL – May 23, 2012 – (RealEstateRama) — With new contracts to lease and manage 347,000 square feet of top-tier, Class A Broward office properties for owner Western National Life Insurance Company, Stiles reports strong strategic growth of its third-party services.
Western National Life, the nation’s #1 provider of fixed annuities through financial institutions for the past 16 consecutive years, has retained Stiles to lease and manage 800 Fairway Drive in Deerfield Beach and the Commercial Place I & II buildings at 3230-3250 West Commercial Boulevard, Fort Lauderdale. Lender Western National Life recently took title to the two office complexes from the previous owners.
As certain South Florida office buildings change hands based on current economic realities, lease structures are opening new opportunities for savvy tenants, according to Stiles Realty Director of Real Estate Madelayne Garcia. “Western National Life is gearing up to draw top corporate space users to Broward County, with two properties that are the most upscale buildings in their respective submarkets,” she said. “Based on today’s realities, the economics of a property that was financed in the past five years may no longer work for a building owner. After a take-back, though, a well capitalized owner such as Western National Life can offer tenants exceptional value and stability,” she added.
Stiles has opened a leasing and property management office at the 173,241-square-foot, atrium-style 800 Fairway Drive. Known for large-space, blue-chip tenants, the building is within the lushly landscaped Hillsboro Executive Center North Corporate Park. It overlooks I-95 and the Deerfield Country Club fairways, and the location at the border of Broward and Palm Beach counties offers strategic regional access. Garcia said the four-story building will undergo significant exterior, atrium and landscape improvements beginning immediately, for completion this year.
“With its 45,000-square-foot floorplates, I-95 access, four-story atrium lobby, on-site café, fitness center and golf course views, the 800 Fairway Drive building has long been a ‘must-see’ for corporations seeking regional and corporate headquarters space in the North Broward submarket or the costlier neighboring Boca Raton area,” Garcia said. “The economy is dictating highly competitive rates – and Western National Life’s investment in enhancements for the building makes timing ideal for corporations with large space needs.” The building’s roster of current regional, national and international tenants includes Pepsico, Lincoln Life & Annuity, CH2M HILL and Jacobs Engineering.
The 173,768-square-foot Commercial Place I & II complex is well suited for corporations and professional firms with smaller space needs, Garcia said. Suites of 1,000 to 10,000 square feet are available, and the complex has an on-site, state-of-the-art conference facility plus a fitness center with lockers and showers. The location offers quick access to the Commercial Boulevard interchanges for both I-95 and the Florida Turnpike, and is less than a mile from the Fort Lauderdale Executive Airport. The prestigious tenant roster includes Progressive Insurance, Florida Blue (Blue Cross Blue Shield of Florida), Cisco and Travelers. Stiles will open an on-site property management office.
The Western National Life contracts are the latest third-party engagements for Stiles, which began focusing on growth of its third-party business four years ago. Stiles now handles regional leasing and management portfolios for property owners including Wells Fargo and Prudential. Stiles Realty is the largest Broward-based commercial real estate brokerage firm, and Stiles Property Management is the region’s third largest company in its field based on square feet under management.
About Stiles
Stiles Realty and Stiles Property Management are divisions of Stiles , a full-service commercial real estate firm that is responsible for more than 37 million square feet of office, industrial, retail, mixed-use and residential projects throughout the southeastern United States, with regional offices in Miami, West Palm Beach, Naples, Fort Myers and Orlando. For more information, please visit www.stiles.com.
